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Author Topic: Need 600k just to down a medium house now??  (Read 921 times)

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Offline theking

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Need 600k just to down a medium house now??
« on: March 25, 2019, 01:36:17 AM »
 ???:

Got $600K? You Can Make a Down Payment on a Median San Jose Home: Report

The latest housing numbers out of Silicon Valley are absolutely vertigo-inducing. Especially when it comes to how much cash a buyer needs to make a down payment.

According to real estate site Zillow's latest report, that down payment figure has reached more than $600,000 to buy a typical house in the valley, and that’s before local agents say they expect upcoming tech IPOs to send prices even higher.

The latest report from Zillow spells it out: The median San Jose home now costs $1.2 million. Given that the median household income is about $100,000, one would need a down payment of $614,000 to be able to afford the monthly mortgage on that median home.

"We enjoy living here; there’s certainly something to be said for being able to live in a nice place like this," San Jose resident Ben Hochman said. "But how much of your pay do you wanna put into a home versus going on vacation or traveling?"



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Offline DuMa

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Re: Need 600k just to down a medium house now??
« Reply #1 on: March 25, 2019, 06:21:11 AM »


The price of the home is based upon the land it is on.  The house is cheap but the land though.  Prime real estate. 

This is based upon the correlation to buying an expensive car or a mobile home and why the price has depreciate in value with time. 

If a mobile home is fixed to the ground, it appreciate in value just like a regular home. 

My janitor is looking to buy one in San Jose.  I've been looking for him.  When I uses filters to maximize the prices to about under 800k for a single home, I can only see a few listings. The whole city and only a few homes for under 800k? 

Then I looked for a few in them valley cities at 300k and i found plenty.  Even brand new homes can be had for the lower 300s.  At first, 300s seems expensive but when you look at the bay area market for awhile, 300s is relatively cheap. 

My uncle house in Atlanta, if here in the bay would be valued about 6 mil.   A big freaking looking brick style mansion but he said its current value is only 700k. 






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Offline YAX

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Re: Need 600k just to down a medium house now??
« Reply #2 on: March 25, 2019, 09:27:53 AM »
and theKing still think there's affordable land in the bay when the only article he what he could find was  a landlocked piece of dirt that no one can access.



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Offline theking

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Re: Need 600k just to down a medium house now??
« Reply #3 on: March 25, 2019, 05:32:07 PM »
I've never claimed there's "affordable land in the bay" although "affordable" can vary from person to person and I've never claimed the land in the bay area are "cheap" like when the narrow minded ignorant YAK made that up (borrowing his fellow member BNM's making stuff up strategy). But YAK did claim that there's "no land" in the bay area to build properties on, FACT!..and when I proved him wrong with factual evidence, that's when the foaming at the mouth started and haven't slow down any yet.  ;D

Speaking of San Jose, look what's going up on the corner of Williams and Winchester:



So there is land to build on in the bay area, FACT!  ;D ;D ;D

And a quick search for "land for sale in the bay area" and voila ...Pretty easy and simple for those of us with integrity and credibility to back up what we say...  O0:



« Last Edit: March 25, 2019, 07:34:50 PM by theking »

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Offline Fancee

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Re: Need 600k just to down a medium house now??
« Reply #4 on: March 26, 2019, 11:19:09 AM »
That's a pricey down payment.
The house better be able to cook and clean for me!!! :D



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Peachy Fish

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Re: Need 600k just to down a medium house now??
« Reply #5 on: March 27, 2019, 08:04:58 AM »
Whoa that is too much for me. I'll stick to the south. Although, I don't have access to awesome food, the beach, and probably the pay as if I was in CA, I rather much like the thought of being able to buy 2-3 good brand new homes with that size of down payment.



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Offline Cali Guy

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Re: Need 600k just to down a medium house now??
« Reply #6 on: March 27, 2019, 11:45:04 AM »
The good old days of 600k fixer uppers is long gone, now it’s hard to find 600k fixer uppers in that area.



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Offline theking

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Re: Need 600k just to down a medium house now??
« Reply #7 on: March 27, 2019, 05:08:28 PM »
More and more Bay Area folks are transplanting to the Central Valley due to high housing cost...despite the undesirable commute...



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